I should be getting ready for work, but I really have to share this because it annoys me so much.
I was at work playing around with the Economist, and decided to see what this (very conservative, very pro business) magazine had to say about "peak oil."
I came across this article "The oil industry: Steady as she goes" from 22 April 2006.
Basically the author (there are no "bylines" in the Economist - you never actually know who has written the articles) denies that we're approaching peak oil, mainly because technology will improve etc etc... plus there's this nugget:
"Globally, the oil industry recovers only about one-third of the oil that is known to exist in any given reservoir. New technologies like 4-D seismic analysis and electromagnetic "direct detection" of hydrocarbons are lifting that "recovery rate", and even a rise of a few percentage points would provide more oil to the market than another discovery on the scale of those in the Caspian or North Sea.
Further, just because there are no more Ghawars (Tuco's note - the Ghawar field in Saudia Arabia is the world's single biggest oil field) does not mean an end to discovery altogether. Using ever fancier technologies, the oil business is drilling in deeper waters, more difficult terrain and even in the Arctic (which, as global warming melts the polar ice cap, will perversely become the next great prize in oil). Large parts of Siberia, Iraq and Saudi Arabia have not even been explored with modern kit."
Isn't that awesome? Can't you picture Cheney and some of his oil exec. buddies studying maps of the arctic ice cap going "God damn, is this ice ever going to melt? We got oil to drill!"
It's really truly sad that it's these morons, who value oil over the environment etc etc, that control the strings of power.
Actually, it's even more sad that their figurehead is this moron: